David Berman, a money manager and co-founder of Berman McAleer, Inc., said that when scary or intimidating things happen in the financial world, the best instinct is to just "stand there."
“Decisions are almost never made well when emotions are running high," he said.
Berman McAleer is a financial advisory and wealth management firm based in Baltimore with an office in Manhattan.
Berman said that, within three days of the Brexit vote that shocked pundits and citizens alike, most experts and advisors realized that the markets had pretty much recovered.
The only people who were substantially financially hurt by Brexit, he said, were those who panicked and dropped out of the market right as things started to tumble.
Berman's biggest advice is to not panic--and to set up a financial portfolio that has some risk tolerance.
The economy moves over a long period of time, Berman said, and it's best to not be too reactive to events that happen in shorter periods of time--like the short-lasting turmoil from the Brexit vote.
“There’s something around the next corner," he said. "I don’t know what it is, there will be something around the corner after that.”
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